A VAT-registered entity is engaged in the business of construction. For each construction project, the entity bills its clients 70% of the contract price throughout each stage of the project and the remaining 30% when the construction is completed. During the 3rd quarter, the data are as follows: July August September Progress Billings sent to P P 4,000,000 3,500,000 3,750,000| client Payments made by clients 4,600,000 4,100,000 3,850,000 How much is the total output VAT for the quarter? O 1,690,000 1,201,000 1,350,000 1,506,000

A VAT-registered entity is engaged in the business of construction. For each construction project, the entity bills its clients 70% of the contract price throughout each stage of the project and the remaining 30% when the construction is completed. During the 3rd quarter, the data are as follows: July August September Progress Billings sent to P P 4,000,000 3,500,000 3,750,000| client Payments made by clients 4,600,000 4,100,000 3,850,000 How much is the total output VAT for the quarter? O 1,690,000 1,201,000 1,350,000 1,506,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter17: Advanced Issues In Revenue Recognition

Section: Chapter Questions

Problem 18RE

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